Adam Aron, the CEO of AMC Entertainment demands to freeze his salary in 2023 as the company’s stock declines. On Tuesday, Aron asked the theatre chain operator’s board to freeze his wage in the coming year because of the stock decline of AMC.
He wrote on his official Twitter account that he would want to avoid getting an increase in wages as the company raises a large percentage of salaries. He added that it is one of the biggest inflation in 40 years.
According to him, he can’t accept the raise in wages because the company’s stock is declining and the stockholders are hurting. So he recommended to the AMC board to freeze his salaries next year.
AMC’s share has fallen more than 75% this year as fewer blockbuster movies and the increase in streaming have reduced foot traffic at its more than 900 cinemas, increasing losses and cash burns.
AMC has tried to manage the strain by raising cash and capitalizing on the retail interest it received during the big stock run of the previous year. The business suggested a reverse stock split earlier this month and announced that it would sell its preferred stock to obtain $110 million in fresh equity capital.
Now let us briefly look at who Adam Aron is.
Adam Aron, as we mentioned earlier, is the CEO of AMC Entertainment founded in 1920. Adam has been the CEO of AMC since 2016. AMC has its headquarters in Kansas City and is considered the largest movie theatre chain in the world.
Personal Life Of Adam Aron
Adam Maximilian Aron was born in 1954 as the son of a Jewish family from Philadelphia, Pennsylvania. He is a well-known American businessman who is now the CEO of AMC Entertainment. He married Abbe Kahn in 1987. They have two children.
The information about his personal life is mostly unknown.
Adam Aron‘s Educational Qualifications
Adam Aron spent his early days of education in Philadelphia. He received his graduation from Abington Senior High School in the suburb of Philadelphia.
He then attended Harvard University, where he earned a bachelor’s in government and an MBA from the business school with distinction.
Adam Aron’s Career
Along with serving as CEO of Norwegian Cruise Line, at the time the fourth-largest cruise line in the world, and Vail Resorts, the second-largest ski resort operator in the world, he also served as Senior Vice president of Marketing for United Airlines and Hyatt Hotels Corp.
Aron was chosen to attend the Joint Civilian Orientation Conference in 2004 by the US Secretary of Defense. From 2000 to 2006, he served on the National Forest Foundation board of directors at the invitation of the US Secretary of Agriculture.
Aron also attended the White House Conference on Travel and Tourism in 1995. He has been managing businesses in the travel and tourism sectors for more than 35 years.
He was joined as the co-owner of the Philadelphia 76ers, the American professional basketball team. He was the CEO of them from 2011 to 2013 and later he became one of the owners.
In 2015, Aron was appointed as the CEO of AMC Entertainment. His transformation strategy taken within AMC attracted everyone and most of the mainstream media outlets praised him through their articles.
Aron made the uncommon move of publicly interacting with his investment base on Twitter in 2021. On the platform, he has roughly 257,000 followers and follows about 2,600 AMC retail investors.
Adam Aron’s Net Worth
The approximate net worth of Adam Aron is said to be about $700 Million as of 2022 which includes his salary from AMC, his investments, and other assets that he owned over these years.
Over the past few years, Aron has sold shares of AMC worth about $50 million while owning over 312,500 units of the company’s stock, valued at over $ 8.12 million.
After Adam’s take over as CEO of AMC entertainments, he helped the company to expand its markets into various other countries such as China and Europe.
Adam Aron is considered one of the highest-paid CEOs in the world and he achieved such success in life because of his dedication and hard work.
Controversies Adam Aron Came Across
After the COVID-19 pandemic, AMC Entertainment announced its reopening in mid-July 2020. They also announced that the masks will not be necessary for those who come to their theatres and this announcement led the AMC into controversy.
It was a time when people faced the pandemic, they were wearing masks as a protective measure from the virus. After the huge criticism from the public, Aron changed their policy of not wearing masks to mandatory masks.
AMC is having a stock decline recently and Aron has demanded the board members freeze his salary for 2023.
According to him, the employees of AMC will raise their salaries, but he is concerned about the stockholders. So he demanded to freeze his wage and declared that he didn’t want an increase in payment.